The idea to turn WCW around is---the same idea Eric Bischoff came up with that helped turn WCW around three-and-a-half years ago.
The most important thing about the revival of the NWO with Kevin Nash, Scott Hall, Bret Hart and Jeff Jarrett, all holding the major WCW title belts, as the final act of the 12/20 Nitro in Baltimore is not whether it was just copying something from the past. Of course it was nothing original, but the object of wrestling is not originality.
The important question is whether or not it will work. The answer to that question should be obvious in weeks, not months, but if you're looking at TV ratings this time for your answers as most everyone will, you're about to be greatly misled.
The subject of Vince Russo as WCW booker/writer has been a polarizing issue, both inside and outside of the company. It's basically come down to two arguments. His detractors point to the ratings not improving, falling last week to the second lowest mark in years, and use that as the argument that his new concepts of what wrestling is aren't working. His defenders claim it took six months to turn the WWF ratings around, and it'll take six months to turn WCW ratings around, and blame TNT standards and practices for nixing basically irrelevant wording and angles as to the excuse on why they've started a decline in recent weeks. There have been people internally complaining to Bill Busch that the new concept of wrestling without wrestling isn't working and isn't going to work, and Busch's reaction has been that they have six months to one year to make it work because anything less would be unfair. There have been people complaining that it's too inside for the casual fan and that's why the ratings aren't moving, or that they're only perpetuated WCW's image as the company filled with past-their-prime wrestlers by importing a new crew of retired wrestlers while not seriously pushing one wrestler under 30. But both sides largely miss the boat by basing the entire worth of everything on the ratings.